The law allows taxpayers to hold foreign currency in Brazilian bank accounts, repeals the registration requirement for foreign capital, and allows residents and nonresidents to offset mutual debts. Because the law is not effective until 30 December 2022, taxpayers should monitor the release of regulations implementing the provisions of the law before the effective date.
On 30 December 2021, the Brazilian Government published Law 14,286 (Bill 5,387), establishing a new legal framework for: (i) the…